(1) Each plan sponsor shall on its own or through the administrator or trustees of the plan have an actuarial report prepared for each of its defined benefit retirement plans or systems by an enrolled actuary at least every three (3) years commencing from the date of the last actuarial report of the plan or system on October 1, 1980, if no actuarial report has been issued within the three year period prior to October 1, 1979. In addition, actuarial cost determinations recommending the contribution amount, rate or other basis applicable to periods for which an actuarial valuation has not been specifically prepared are to be also provided to the Division within 60 days of receipt by the plan administrator. No actuarial report is required for defined contribution retirement plans or systems. However, the plan sponsor of each defined contribution plan shall provide such information and financial statements, as are necessary to gather, catalog, and maintain complete information on all public employee retirement systems to the Division upon its request.
    (2) The results of each actuarial report shall be filed with the plan administrator within 60 days after completion and certification by the actuary and made available for inspection upon request. Also, the system or plan shall provide a copy of each actuarial report to the Division within 60 days of receipt from the actuary.
    (3) Actuarial reports shall contain all data required by Florida Statutes § 112.63(1), which consist of the following:
    (a) The values of the present assets, based on market value and “”statement value””:
Cash
Bonds
Stocks
Other (specify)
Disclose the derivation of the actuarial asset value used in determining the annual funding requirement.
    (b) A plan to amortize any unfunded liability pursuant to Florida Statutes § 112.64
    (c) A schedule illustrating the amortization of unfunded liabilities as they exist on the date of the valuation, on an annual basis for the three years immediately following the current valuation date and the final year of the amortization schedule must be disclosed, as well as a statement as to how the method was derived.
    (d) A description of actions taken by the governmental entity to reduce the unfunded liability, especially those taken since the last actuarial report.
    (e) A description and explanation of all actuarial assumptions.
    (f) A comparative review illustrating the rates of salary increases granted and investment return realized over the three-year period preceding the current actuarial report with the assumptions used. The actual salary increase rate may be determined for the period between the immediately preceding actuarial valuation date and the current valuation date; however, such rate shall be shown on an annualized basis. Rate of actual salary increases shall be determined by using the aggregate of actual salary increases granted, excluding new entrants and terminations. Investment return rates shall be determined for each year and reported on a consistent basis for each year in the three-year period. There should also be an explanation of how the investment return rate was determined.
    (g) A statement by the enrolled actuary, in the form of a certification signed and dated by the actuary, as follows:
Statement by Enrolled Actuary “”This actuarial valuation and/or cost determination was prepared and completed by me or under my direct supervision, and I acknowledge responsibility for the results. To the best of my knowledge, the results are complete and accurate, and in my opinion, the techniques and assumptions used are reasonable and meet the requirements and intent of Part VII, Chapter 112, Florida Statutes. There is no benefit or expense to be provided by the plan and/or paid from the plan’s assets for which liabilities or current costs have not been established or otherwise taken into account in the valuation. All known events or trends which may require a material increase in plan costs or required contribution rates have been taken into account in the valuation.””

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Signature

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Date

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Enrollment Number
    (4) Actuarial valuation reports shall, at a minimum, disclose such information that another actuary, unfamiliar with the situation, would find the information sufficient to appraise the reports’ conclusions and to arrive at reasonably similar results. In order for the Division to determine the completeness, accuracy, and reasonableness of the assumptions, such information shall, at a minimum, include the following items:
    (a) The date as of which the valuation was prepared, and the beginning and ending dates of the period for which the recommended contributions are applicable.
    (b) The overall valuation results, the adequacy of employer and employee contribution rates in meeting the levels of employee benefits provided in the system and changes, if any, needed in such rates to achieve or preserve a level of funding deemed adequate to enable payment through the indefinite future of the benefit amounts prescribed by the system.
    (c) A brief summary of the retirement plan provisions.
    (d) The funding method explained in sufficient detail so that another actuary could, using the same method, arrive at similar results.
    (e) For actuarial valuation reports which cover more than one employee group, benefit program, and/or more than one plan, and the valuation calculations are made separately, the applicable valuation results shall be disclosed separately.
    (f) Disclosure of any benefit and expense to be provided by the plan and/or paid from the plan’s assets for which no liabilities or current costs have been established or otherwise provided for, including an explanation of the omission and the cost effect thereof.
    (g) Disclosure of any event which the actuary has not taken into account and any trend which, for purposes of the actuarial assumptions used, was not assumed to continue in the future, but only if, to the best of the actuary’s knowledge, such event or trend may require a material increase in plan costs or required contribution rates.
    (h) Disclosure, for each plan year, of the derivation of the current unfunded actuarial accrued liability from the amount established as of the immediately preceding valuation date. (Unfunded actuarial accrued liabilities are amortized by nonemployee contributions in excess of normal cost and interest requirements.) The disclosure shall, minimally, include the following: